Posted on 07/21/2023 10:12:46 PM PDT by lasereye
Alameda Research CEO Caroline Ellison allegedly paid herself millions of dollars in a single bonus payment despite knowing about massive holes in FTX’s finances.
Months before FTX filed for bankruptcy, she allegedly moved the money between various accounts until it landed in her own.
Crypto exchange FTX spectacularly imploded late last year, dragging Alameda Research, its affiliate trading firm, down with it.
Alameda itself was losing huge amounts of money thanks to high-risk bets, with FTX accused of secretly redirecting its users’ funds to its sister firm to help plug its losses.
Legal proceedings launched in the wake of FTX’s downfall have accused its top executives of gross mismanagement, including founder and CEO Sam Bankman-Fried (widely known as “SBF”).
In December, Ellison herself pleaded guilty to seven offenses, including wire fraud and money laundering.
Shortly after FTX went under, it was reported that she and SBF had been aware of red flags at the crypto exchange three months before its collapse.
According to a new legal filing, however, Ellison knew about major holes in FTX’s finances eight months before the firm’s cashflow problems were made public—and instead of acting to fix the problem, she made a series of convoluted transactions to pay herself a multimillion-dollar bonus.
FTX’s latest lawsuit against SBF and his top associates—filed on Thursday—alleged that as early as March 2022, Ellison estimated FTX had a cash deficit of more than $10 billion.
The estimate, which she kept in her private notes, came just weeks after she transferred $22.5 million from Alameda to her own personal FTX account via a series of transactions through other accounts.
On March 29, she allegedly transferred $10 million of that so-called “bonus” to her personal bank account.
It was also alleged that Ellison misused company funds to give herself other multimillion-dollar bonuses.
(Excerpt) Read more at finance.yahoo.com ...
I’m sure she has a nice personality.
“Profits belong to the workers that created them.” Labor rights Senator Joe Biden.
She’s a two-bagger, even with “beer goggles”.
What was her educational background?
Funny how the individuals running a giant crytocurrency empire made sure to pay themselves in US dollars.
Anyone else think she resembles a chipmunk? I don’t think I could hit that for $10 million. She has to be a Democrat cus’ women on the right aren’t that ugly.
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